Brent crude down $1.01 per barrel

Crude oil prices were down Monday after representatives from Iran said that opening talks with the European Union over the Middle Eastern nation’s nuclear program were “fruitful”. One analyst said that oil prices could drop as much as $5 per barrel if Iran agrees to the EU incentive package. Elsewhere Kuwait, which holds around one-tenth of world oil reserves, appointed a new energy minister.

August contracts for Brent crude were down $1.01 to $72.50 per barrel on the International Petroleum Exchange in London. Meanwhile, West Texas Intermediate crude dropped 82 cents to $73.27 per barrel on the New York Mercantile Exchange by mid-session.